MAIN Market-listed renewable energy (RE) system provider Wasco Greenergy Bhd (Greenery) has reaffirmed its focus on disciplined execution and long-term value creation as it progresses through its early phase as a listed entity.
While the renewable energy arm of Wasco Bhd (previously Wah Seong Corp Bhd) has experienced some pressure following its listing, its management affirmed that business fundamental and strategy remain firmly on track.
The group’s operations continue to perform in line with expectations, supported by a healthy project pipeline, established industry expert and long-standing customer relationships.
It also remains focused on executing its strategic priorities, strengthening operational capabilities and delivering sustainable long-term value for all.
“Short-term market movements are influenced by many factors outside the group’s control,” Greenergy’s CEO Lee Yee Chong pointed out. “Our responsibility as management is to execute consistently, deliver projects diligently and build sustainable earnings visibility over time.”
Greenergy delivers end-to-end EPCC (engineering, procurement, construction, and commissioning) solutions for renewable steam energy systems, including biomass boilers, HRSG (heat recovery steam generator), gas-fired boilers and steam turbine generator systems.
The group was listed on Bursa Malaysia in Dec 11 last year at an IPO price of RM1/share with the public portion of the exercise raising approximately RM75 mil.
Operational momentum
Over the past four years through 2025, Greenergy successfully completed 53 biomass, HRSG and gas-fired boilers under its steam energy systems business which reflected sustained demand from palm oil mills and industrial users seeking energy efficiency improvements.
The group secured and commenced several EPCC and system supply projects during the year, notably a RM40.6 mil EPCC contract for the construction of a 70-tonne-per-hour biomass steam energy facility in Pasir Gudang, Johor.
The project is expected to triple the customer’s existing biomass steam production capacity and is scheduled for completion by July 31, 2027.
In addition to the Johor project, Greenergy further secured numerous biomass boiler projects in 2025, including a 60-tonnes-per-hour high EFB (empty fruit bunch) biomass boiler, a 20-tonnes-per-hour biomass boiler in Indonesia and a 45-tonne-per-hour high EFB biomass boiler that incorporates energy efficiency and emissions reduction features.
Over the next three to six months, Greenergy will prioritise expanding its sales and marketing activities in Malaysia and Indonesia through active market penetration, accelerating delivery of existing contracts and strengthening after-sales support services.
Through its steam turbine generator systems business, Greenergy delivered 337 units steam turbines from the year of 2022 to 2025. The business continues to focus on high-efficiency cogeneration solutions for agro-industrial and palm oil mill clients.
Near-term priorities include securing new projects across Southeast Asia, Africa and Latin America while broadening its servicing and performance optimisation offerings.
Capital deployment, outlook
The outlook for industrial energy efficiency and renewable thermal energy solutions remain positive, driven by growing demand for decarbonisation, energy cost optimisation and more sustainable industrial practices across the region.
As industries continue to seek reliable and efficient energy solutions, Greenergy is well-positioned to support customers in their transition by leveraging its established technical expertise and strong operational capabilities.
In line with this growth trajectory, proceeds from the group’s IPO (initial public offering) are intended to be strategically deployed over the next three years to strengthen Greenergy’s market presence and enhance its operational capabilities.
Approximately 50.9% of the proceeds have been allocated to asset ownership expansion, including investments in biomass steam generation assets and related infrastructure
A further 7.3% has been earmarked to support Greenergy’s regional growth strategy in Indonesia, including a new sales office in Jakarta and two additional service centres in Pekanbaru and Sulawesi.
The remaining 28.7% of the proceeds will fund capability enhancement, digitalisation and research and development, including workshop upgrades, expanded service capacity, and predictive maintenance tools.
In parallel, Greenergy is advancing its strategic growth priorities by expanding its build-own-operate (BOO) portfolio where it not only supplies technology but also owns and operates energy assets for its clients.
The group is also selectively exploring opportunities in neighbouring Southeast Asian markets, particularly for BOO developments.
“We came to market to build a stronger and more scalable business,” envisages Lee. “Our focus remains on disciplined execution and delivering sustainable value to all stakeholders.”
At the close of today’s (March 17) market trading, Greenergy was down 1.5 sen or 2.27% to 64.5 sen with 212,500 shares traded, thus valuing the company at RM323 mil. – March 17, 2026
